Stock Futures Quiet; Oil Prices Continue Higher

The Fed's policy meeting beginning tomorrow is on Wall Street's radar

Deputy Editor
Sep 18, 2023 at 9:04 AM
facebook X logo linkedin

Stocks are trading quietly this morning, as investors look ahead to the Federal Reserve's policy meeting kicking off tomorrow. Futures on the Dow Jones Industrial Average (DJIA) are inching higher at last check, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures hover below fair value. Elsewhere, oil prices are jumping to 10-month highs due to supply concerns, after Saudi Arabia and Russia extended their production cuts. 

Continue reading for more on today's market, including: 

  • See which tech stocks made waves last week. 
  • Arm stock downgraded after successful IPO. 
  • Plus, INCY drops on FDA news; and two analyst notes to unpack today. 

Futures September18

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.7 million call and more than 1.2 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.70 and the 21-day moving average stayed at 0.66.
  2. Incyte Corp (NASDAQ:INCY) is down 4% premarket, after the U.S. Food & Drug Administration (FDA) approved GSK's (GSK) competing blood-cancer treatment. Since the start of the year, INCY is down 22.1%. 
  3. DoorDash Inc (NYSE:DASH) is up 1.3% before the bell, after Mizuho upgraded the food delivery stock to "buy" from "neutral." The shares' 80-day moving average has caught pullbacks over the past few weeks, helping DASH maintain its 65.8% year-to-date lead. 
  4. NetApp Inc (NASDAQ:NTAP) is down 2.5% in electronic trading, after a downgrade from William Blair to "market perform" from "outperform," with the analyst citing weak cloud business. On the charts, NTAP has been seeing pressure at the $80 level, home to its July 52-week highs. Since the start of 2023, the software stock is up 29.4%. 
  5. See what economic data is scheduled this week. 


Central Banks in Focus Overseas

Asian markets were mixed Monday, with traders preparing for a jam-packed week of central bank decisions – including one on stateside interest rates. The Nikkei added 1.1% today, as the Bank of Japan (BOJ) prepares to wrap up its monetary policy meeting at the end of the week. Traders expect the BOJ to provide more information on when it will shift its lax monetary policy. Also on Friday, the People’s Bank of China is set to release its loan prime rate. Ahead of the event, the country’s Shanghai Composite closed 0.3% higher. Elsewhere, Hong Kong’s Hang Seng fell 1.4%, while South Korea’s Kospi dipped 1%.

Stocks in Europe are lower this afternoon, with investors in the region also keeping an eye on overseas central banks. Travel, leisure, and technology stocks are dragging the continent’s major bourses lower, led by a 1.2% midday loss from France’s CAC 40. Rounding out the region, Germany’s DAX was last seen 0.8% lower, while London’s FTSE 100 sports a more modest 0.3% deficit.



Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI